Paying close attention to the financial aspects of a divorce is important no matter your age. For those who fall into the baby boomer generation, however, there are some unique considerations. When you are in or near retirement age, your financial situation takes on a new and more immediate meaning. If most of your income-generating days are now behind you and you are divorcing, read on.
It's About Your Quality of Life
A divorce can be long, messy, and expensive if you aren't careful. However, just because you are ending your marriage doesn't mean you can't do it in a civilized manner. Here are a few tips to help you manage your divorce and prevent it from getting out of control:
Get All the Professional Help You Need
Divorce is rarely simple, but some people have a more complicated divorce than others. The presence of young children, the grounds for filing the divorce, and the actions of both parties during the divorce are some of the things that may complicate your divorce.
It's never too early to begin to make plans for your retirement years, and divorce presents at least two opportunities for that planning. One of these requires that you be married for a certain amount of time and the other means taking action during your divorce process. Read on to learn more about these two divorce-oriented retirement planning moves to consider.
You might already know how the Social Security Administration (SSA) provides workers with funds once they reach a certain age, but many people don't realize that there is a divorce connection.
It might be the word "estate" that puts people off from taking this important action, but no one needs to be intimidated by the word or the creation of a will. You don't have to be a millionaire to need a will; everyone who has property and debts needs one. Failing to make out a will could have your loved ones facing a mess, so read on for some more good reasons to stop putting this important task off any longer.
Getting divorced is not only emotionally taxing and difficult, but can also be incredibly expensive. If you are on a budget, especially if your spouse earns more money than you do, you may be worried that you won't have as much say in the divorce details. In reality though, reaching an agreeable divorce settlement often comes down to how prepared you are, rather than how much money you have to spend.